Russia's oil output remains at record-high in October

Russia's oil output in October reached 11.2mn barrels a day, setting yet another post-Soviet daily output record, according to data released by the Ministry of Energy on November 2.

While Russia keeps negotiating a possible oil output freeze with the Opec oil-producing cartel , separately with Opec founder Saudi Arabia, and other major producers, Russia's oil companies are keeping output high and announcing new exploration and extraction plans, supported by low ruble-denominated costs.

Unconfirmed reports said President Vladimir Putin will summon the heads of the largest oil companies ahead of the next negotiation with Opec, possibly to address the oil output levels.

Russia's Ministry of Energy expects the total oil output to rise to 548mn tonnes, or 11mn barrels, daily in 2017, and possibly peaking at 570-575mn tonnes in 2019.

In tonnes, Russia's oil output gained just under 2mn tonnes month-on-month in October to hit the 47.39mn tonne mark. Russia's largest producers, the state-controlled Rosneft and private Lukoil, both reported rising outputs (0.1% and 0.9%, respectively), while Surgutneftegas saw its output decline by 0.3%.

Natural gas output in the reporting month in Russia also rose strongly to 61.1bn cubic metres (bcm) or 1.97bcm per day in October from 51.33bcm in September.

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